Overview:
- The key level of the EUR/USD pair has been set at the level of 1.0674 this week and now it is acting as strong resistance. As it is known, sellers are asking for a high price. Therefore, the first key level will be set at the level of 1.0674 and the second key level will be set at the 1.0587 level. The level of 1.0587 is representing the support and the price of the EUR/USD pair is going to move between 1.0587 and 1.0674. Additionally, the range will be about 87 pips today. Consequently, we expect that the trend is going to call for the bearish market from the level of 1.0674 because the trend has been very clear and it has been indicating a downtrend since last week. As a result, sell at the price of 1.0674 with the first target of 1.0587. Moreover, if the trend breaks the level of 1.0587, it might resume to 1.0528 in order to test the weekly support 2. On the other hand, your stop loss should be placed above the 1.0674 level, thus it will be helpful to set it at the price of 1.0710 this week.
Weekly technical analysis of EUR/USD:
